Avoiding Common Retirement Pitfalls

Kris Cotton |

Today, I stumbled upon an eye-opening survey that I just had to share with you. It's called the "Top 10 Retirement Mistakes," based on insights from a 2,700 financial advisors in the field. And let me tell you, the findings are enlightening.


Let's start with number nine on the list: underestimating real estate costs.


Now, if you're living in Florida like many of us, you'll know firsthand the challenges that come with real estate expenses. The insurance industry is in flux, prices are soaring, and companies seem to be dropping out left and right. It's a stark reminder of the importance of factoring in all the hidden costs when planning for retirement.


Next up, we have number four: investing too conservatively.


Sure, cash might seem like a safe bet right now, especially with CDs offering attractive returns and money markets performing well. But let's not forget the lessons from history. Think back to the Zero Interest Rate Policy (ZIRP) era when interest rates were at rock bottom. Investing too conservatively then meant struggling to keep pace with inflation. And mark my words, that scenario could rear its head again.


Now, let's talk about number two: underestimating how long you will live.


It's easy to underestimate our life expectancy, especially with advancements in medical treatments on the horizon. Diseases like Alzheimer's, dementia, and cancer are all areas where breakthroughs could lead to longer, healthier lives. So it's crucial to plan for a retirement that could potentially stretch far longer than you might anticipate.


And there you have it, folks. A glimpse into some of the top retirement mistakes to avoid. If you're curious about the rest of the list, be sure to check out the full details in the link below.




If you have any questions or want to discuss these findings further, don't hesitate to reach out. And feel free to share this information with your friends and family.


You can always book a quick call to answer your questions. Here’s a link to schedule a 15-minute call on my calendar: https://calendly.com/kriscotton/15mincall


Knowledge is power when it comes to planning for retirement, and together, we can navigate the journey ahead with confidence.


Thanks for tuning in, and until next time, take care!